The Society chose to first waive arrears fees 12 months ago, as well as introducing other support for existing borrowers such as mortgage payment deferrals. This will continue now until the end of 2021.
Borrowers and lenders will be hoping this week’s Budget offers greater certainty over the extent and duration of financial support including the furlough scheme and stamp duty holiday, almost a year since the Government began to introduce emergency measures to aid the economy.
“As a responsible lender we’ve focused since early 2020 on how we can support our members through the particular challenges created by the pandemic,” said Jaedon Green, Leeds Building Society’s Chief Customer Officer.
“We know this remains a worrying time for many people and ongoing economic uncertainty is likely to affect the job security and finances of much of the population for some months to come.
“Suspending our arrears fees for the rest of this year is one way we can support borrowers in financial difficulties as we work with our members to keep them in their homes.”
It created a dedicated coronavirus hub on its website with the latest information for members seeking help, enlarged its team handling incoming telephone inquiries, and agreed not to seek possession of any properties[.
Jaedon added: “Our message to any borrower at risk of financial difficulty always is to talk to their lender at the first opportunity.
“The sooner we’re contacted, the quicker we can help and will work closely with our members to explore and agree a solution to best suit their individual circumstances.
“Customers in arrears may face third party charges but by engaging with us and their other credit providers at the earliest stage these costs can be kept to a minimum.”